MJOLNIR SPACEWORKS Raises JPY 310 million (US＄1.9 million) in Series A funding
10 January 2025
Sapporo, JAPAN – MJOLNIR SPACEWORKS Co., Ltd. (“MSW”), developing mass produce of safe and low-cost hybrid engines and weldless tanks, has secured US$ 1.9 million (JPY 310 million) in the Series A round by 24 December 2024, led by Incubate Fund KK, UntroD Capital Japan, Inc. and Mitsubishi UFJ Capital Co., Ltd.
The funding was conducted through a third-party allotment of shares in the Series A round, along with the issuance of J-KISS-type stock options.
As a result, the total equity-based fundraising of MSW has reached approximately US$2.85 million (JPY 450 million) since the company’s establishment in January 2020.
With this round of funding, we aim to further accelerate the development and commercialization of our safe and cost-effective hybrid rocket engine system and weldless space tanks. By supplying these products in large quantities to space industry worldwide, we continuously strive to contribute to create a next leap of space development and space utilization.
■ Addressing the High Demand of Space Utilization and Rocket Shortage
In recent years, space utilization has been gaining momentum not only in advanced countries but also in emerging nations, leading to continuous growth in the global space market. While the demand for launching payloads such as satellites and space transportation vehicles shows a sharp increase year by year, the number of rocket launches falls significantly short, and launch costs remain considerably high.
MSW believes that mass-producing rocket engines and tanks, which are critical components of rockets and are generally costly with longer lead times, can alleviate these bottlenecks contributing to the rocket shortage. By developing safe, cost-effective, and simple rocket engine systems for mass production, MSW is tackling this challenge head-on.
■ MSW’s Rocket Engine System
Currently, liquid rocket engines mainly dominate the space market. However, their complex structures result in high costs in development and manufacturing, along with lengthy production timelines. Meanwhile, MSW’s hybrid rocket engine features a simple design that can realize mass production and significant cost savings. Also, the engine uses a safe plastic fuel, which significantly reduces the risk of explosion.
In November 2024, MSW has successfully performed hot firing tests of a 40kN-class prototype engine, a feat previously considered challenging for hybrid rocket engines.
MSW also holds weldless manufacturing technology for propellant tanks, which are the next most costly and time-consuming rocket components. This technology allows MSW to provide these tanks to customers at lower costs and faster leadtimes.
■ Comments from Investors
“The hybrid rocket engines developed by MSW are featured by their low cost, reliable safety, and re-ignition capability. In November 2024, MSW successfully achieved a hot firing test of a 40kN-class engine. We will continue to provide full support as the company works toward its mission of becoming the world’s leading producer of mass-manufactured rockets.”, said Tohru Akaura, General Partner, Incubate Fund KK.
“MSW leverages its strengths in low-cost hybrid engines and seamless tanks to tackle the biggest bottlenecks in space development: reducing rocket costs and enabling mass production in the end. In addition to its excellent core technology, the R&D team possesses extensive experience and exceptional capabilities, allowing them to advance development and testing steadily and efficiently. As an existing shareholder, we highly value the progress being made by MSW so far and have decided to make an additional investment. Real Tech Fund will continue to fully support the company as it addresses bottlenecks in space development, contributing to solving societal challenges and expanding the space industry further.”, said Mizuki Komasa, Growth Manager, UntroD Capital Japan, Inc.
“With the rapid growth of the space market, the shortage of rocket launches and requiring large cost of rocket launches are becoming increasingly apparent. Against this backdrop, MSW is leveraging its advanced technology to pioneer new possibilities, such as the mass production of low-cost hybrid rocket engines and weldless tanks. Utilizing MUFG’s extensive network, we are committed to supporting MSW in achieving its vision of becoming the world’s leader in rocket mass production.”, said Shogo Irokawa, Manager of Investment Department No.1, Mitsubishi UFJ Capital Co., Ltd.
■ MJOLNIR SPACEWORKS Co., Ltd.
Company name: MJOLNIR SPACEWORKS Co., Ltd.
CEO: Viscor Tor
Founded: January 2020
Headquarter: #201 Noblesse SAPPORO, 3-1-1, Kita10-jonishi Kita-ku, Sapporo-shi, HOKKAIDO, JAPAN
